Abraxas Capital Doubles Down on Ethereum Hedge Amid Hyperliquid Short

Abraxas Capital, an investment manager, has purchased $32.39 million worth of Ethereum (ETH) in the spot market to hedge part of its massive short position on Hyperliquid.

The firm's latest purchase consists of 13,000 ETH, valued at approximately $2,491 per token, according to Lookonchain data.

This move is a continuation of Abraxas' strategy to manage risk associated with its significant short position on Hyperliquid, which stands at 141,180 ETH and has a notional value of $353.27 million.

Abraxas Capital's net short exposure remains substantial after subtracting the latest spot hedge from its overall short position.